The scheme ran from April 2014 to December 2019, when three of the BitClub leaders were arrested and charged with fraud and the sale of unregistered securities. BitClub purported to sell shares of nonexistent crypto mining pools to gullible investors, only to pay them back with money from newer investors, according to the government.
Related posts
-
Crypto Platform CEO Arrested for Allegedly Paying Deputies in Extortion Scheme
Crypto platform Zort’s CEO has been arrested on multiple... -
Bitcoin ETFs See $365M Inflows as Ether Funds Slip
On Thursday, U.S. spot bitcoin exchange-traded funds (ETFs) saw gains, while their ether-focused counterparts faced a... -
US Charges Two Russian Nationals in Money Laundering Scheme Involving Crypto Exchanges
The US government charged two individuals with operating a multi-billion-dollar money laundering scheme. Law enforcement agencies...